Lexeo Therapeutics (LXEO) PT Lowered to $13 at H.C. Wainwright

H.C. Wainwright analyst Mitchell Kapoor lowered the price target on Lexeo Therapeutics (NASDAQ: LXEO) to $13.00 (from $15.00) while maintaining a Buy rating.

The analyst commented: "A Grade 3 sustained ventricular tachycardia (SVT) event—absent from prior disclosures—appears in Lexeo’s latest prospectus, confirming nine total patients dosed and providing the first detailed high-dose safety signal. The event was labeled "possibly treatment-related" yet occurred in a patient with prior SVTs (though none were previously Grade 3) and an implantable cardioverter defibrillator (ICD). It was medically managed without defibrillation, and no recurrence has been observed, though the follow-up window is only weeks old from discharge. Lexeo attributes the episode to the natural history of arrhythmogenic cardiomyopathy (ACM), but the escalation from prior arrhythmias leaves causality unresolved. The company expects five of six high-dose patients (with five paired biopsies) to reach ≥6 months of follow-up by JPM 2026, which will test whether increased dose yields meaningful plakophilin-2 (PKP2) expression and arrhythmic benefit. With only one of three low-dose patients showing a clear premature ventricular contraction (PVC) reduction, the program’s credibility now depends on high-dose efficacy, in our view. We maintain a 25% POS for PKP2—enough to capture upside without embedding full success—and reiterate our Buy rating, while lowering our 12-month price target to $13 vs. the prior $15 per share to reflect share dilution from the most recent equity raise."

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